ENGR.ECONOMIC ANALYSIS
ENGR.ECONOMIC ANALYSIS
14th Edition
ISBN: 9780190931919
Author: NEWNAN
Publisher: Oxford University Press
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Please see attachment and type out all the correct answer asap with proper explanation of the each option. Thank you

5. What are the equilibrium effects of an increase in total factor productivity in the closed- economy one-period macroeconomic model? Select all that apply. a. Employment may increase or decrease. b. Decrease in aggregate output. c. Increase in output. d. Decrease in leisure consumption. e. Increase in the real wage. f. Increase in consumption.
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Transcribed Image Text:5. What are the equilibrium effects of an increase in total factor productivity in the closed- economy one-period macroeconomic model? Select all that apply. a. Employment may increase or decrease. b. Decrease in aggregate output. c. Increase in output. d. Decrease in leisure consumption. e. Increase in the real wage. f. Increase in consumption.
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